As you already know, I am an entrepreneur. It was not totally planned. I was on a job that paid fairly well when I was let go. However, when it happened I embraced it and jumped in with both feet. Over the past couple of years I have learned a lot. There have been ups and down, and it is always a learning experience. As an entrepreneur I understand the importance of bettering my business and myself. I also realize that sometimes it takes money to achieve the things that I may want to accomplish in my business. I also realize the importance of making the right connections. Networking is a very important part of being in business. You never know who might need your help, or who can help you. But it can be time consuming. Your time should be spent on things that benefit you. You should not waste your time collaborating with those that do not have your best interest in mind. This is especially true for small business owners. Your time is money. So, how do you know if you are making the right connections and not wasting time? This is where Pave can help.
What is Pave?
Pave is a unique platform for helping connect those pursuing their business and educational dreams with those in a position to help them financially. Founded on an idea and agreement between one of the founders and a friend, they realized that they were on to something. Co-founders Justin Mitchell, Oren Bass, and Sal Lahoud all came from business or tech related backgrounds. They came up with an objective, and Pave was created. Pave was born to bridge the awkward gap that some may have been facing with getting help to reach their goals.
In reading through the marketing materials, one of the first things that came to mind was Shark Tank. We have all heard of this show. Rich investors sit on a panel and await pitches from business owners who are looking to expand or better their business. If interested, they offer up an investment. The business owner can then decide whom they would like to work with. Pave was founded on a similar principle, however… without the awkward in person pitch in front of millions of TV viewers.
How Does Pave Work?
Instead of the awkward in person pitch, Pave allows the Talent to create an online profile showcasing their skills, talent, ideas, professional or educational goals, and a funding goal. The investors (aka the Backers) can then browse talent by industry and affiliation. They can decide to back an individual or a group. And investments start as low as $500. The Talent may get one investor, or several to help them reach their funding goal.
How Does the Exchange of Money Work?
Think of it as sponsoring a person. The Backer invests a little money to help the Talent achieve their goals. Once they are successful they pay back the investment. Pave has a unique approach to figuring out the funding. They use an innovative income model that predicts the Talent’s future salary based on their industry. Backers get back a small portion of that. The Talent makes monthly payments through the secure Pave system. However, as long as the person is still in school full-time payments are waved. If you get funded you have the ability to update Backers on your progress within the system.
Does Pave Really Work?
As you can see by this graphic, 70% of the Talent registered on Pave gets funded. That is pretty impressive. So far over $500,000 has been raised through Pave from backers for various causes.
One of the stories that shows that Pave does work is that of Clara. Clara is a filmmaker from Los Angeles that is living her dream thanks to the help of 15 backers on Pave. Click here to read her full story.
How Can I Get Started?
Whether you are an investor who wants to help others, or someone who needs financial backing, head over to the Pave site, read more information, and sign up. You will setup a profile and an account, and go from there. The system seems very straightforward and easy to navigate. It is free to sign up. What do you have to lose?
Disclosure: This post is brought to you by Pave. All opinions are my own.